Crypto Market News Today: Impact of ETH ETF Launch on Ethereum & Altcoins
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With the Ethereum ETF starting to trade today, the broader market anticipates a bull run in Ethereum and altcoins. Despite a recent 2.69% drop in ETH price, the hype is under the weather and warns of a potential slow start.
Nevertheless, a potential positive inflow and the initial hype could increase Ethereum and altcoins this week. So, let’s take a closer look at the price analysis of Ethereum and other top altcoins likely to surge this week.
Ethereum Drop Before ETF Launch: Will ETH Surpass $4,000?
With a bearish Monday, Ethereum starts the week with a 2.69% drop and tests the 50D EMA. In the short term, the sideways shift above the dynamic support hits the pause button on the 20% recovery rally from $2,880.
Despite the bullish struggle to reach the overhead resistance trendline, Ethereum ETF trading today could pump the prices ahead. The MACD signal lines are losing the gap and warn of a bearish crossover.
Considering the bull run picks up pace, the ETH price could surpass the overhead trendline and the 50% trend-based Fib level at $4,141. Optimistically, the bull run could reach $5,402 by the end of this week if the ETF net flow remains positive.
Solana’s Struggle At $190 Warns Price Drop
With a double bottom reversal from $128, the SOL price is up by 37%, including the 4.70% decline from the $185 peak. The recovery rally in the SOL price teases an inverted head and shoulder with the neckline at $188.
A potential breakout of the $190 peak will unleash the trapped momentum for a boost to $250. With the Ethereum ETF starting to trade today, the bull run in Solana could gain momentum as SOL ETF is the next likely altcoin ETF.
Hence, in the coming weeks, Solana is likely to hit the $346 mark or the 2.618 Fib level.
Dogecoin (DOGE)
With a bearish channel breakout, the DOGE price has surpassed the merged 50D and 200D EMA. Further, the recovery rally accounts for a 27% rise in the last 12 days. Currently, the meme coin retests the broken trendline and the dynamic supports.
With a post-retest rally powered by broader market recovery, the meme coin could challenge the 50% trend-based Fib level at $0.1589. A potential golden crossover will fuel the breakout rally to hit the $0.24 mark in the coming weeks.
Also Check Out: Is the Bull Run Starting? Key Signs Point to a Crypto Surge
